News and Events

Accounting rules shake-up planned for 11,000 businesses

An estimated 11,000 UK medium-sized businesses could benefit to the tune of £8 million a year as a result of planned changes to accounting rules. The measures, which would bring the EU’s new Accounting Directive into UK law, would allow companies to prepare and file simpler, less detailed accounts with Companies House. These documents currently include the balance sheet, the profit and loss account and Read more…

Employers urged to act now on auto-enrolment

Hundreds of thousands of small businesses have been urged to check when they need to meet their new workplace pensions duties. The call from the Pensions Regulator, the UK regulator of work-based pension schemes, follows research published on 24 September revealing that 19 per cent of small employers (employing between five and 29 people) and 49 per cent of micro employers (employing up to four Read more…

Digital businesses urged to sign up for new VAT service

Thousands of UK businesses supplying digital services across the European Union (EU) will be able to register for a new online VAT service from 20 October. Signing up to the VAT Mini One Stop Shop (VAT MOSS) means they will not have to register for VAT separately in each EU member state where they do business. The digital services affected include most types of broadcasting, Read more…

RTI penalties delayed for smaller firms

HM Revenue & Customs (HMRC) has announced that the introduction of automatic penalties for late real time information (RTI) submissions will be put back for smaller employers. Automatic penalties were due to start for all employers from 6 October 2014 but on 9 September, HMRC said that employers with fewer than 50 employees would not face automated in-year penalties for late RTI PAYE returns until Read more…

Tax summaries on the way

Millions of taxpayers will receive a new personal tax summary from October 2014. The tax summary will show 24 million people how their personal income tax and national insurance contributions (NICs) have been calculated for the previous tax year and give an indication of how their taxes have been spent by the government. The summary will also show any NICs paid by employers, to give Read more…

Government steps up action on offshore tax evaders

People could face criminal prosecution if they fail to declare and pay offshore tax liabilities. A new criminal offence of failing to declare taxable offshore income and gains has been set out in an HM Revenue & Customs (HMRC) consultation paper published on 19 August. The consultation seeks views on the design of the new offence and on appropriate safeguards. Most offshore cases will continue Read more…

Auto-enrolment hits 4m landmark

New figures from the Pensions Regulator show that more than four million workers have now been automatically enrolled into a workplace pension. Following publication of the figures on 14 August, Pensions Minister Steve Webb said: “This latest milestone figure shows how saving in a workplace pension is now becoming the norm. “Four million people have now been automatically enrolled into a workplace pension with many Read more…

Employers cash in with £2,000 NICs saving

New government data has shown that almost a million employers are benefiting from a £2,000 cut in their annual national insurance contributions (NICs) bill. Figures released on 31 July revealed that 725,000 UK business and charity employers have claimed the Employment Allowance. HM Revenue & Customs says that more than half of all eligible businesses have claimed the allowance since it was introduced in April Read more…

New NMW rates coming soon

Employers are reminded that new national minimum wage (NMW) rates will take effect from 1 October 2014, benefiting more than one million lower paid workers. The increase in the main NMW rate to £6.50 per hour means that someone paid that rate and working a 36-hour week would receive £355 more in their pay packet over the course of a year. The increased NMW rates Read more…

Help us to close zero hour contract loopholes, says Cable

Business Secretary Vince Cable has urged businesses, unions and individuals to help identify and close potential loopholes in plans to ban the use of exclusivity clauses in zero hours contracts. The government wants to find out whether some employers might try to get round the ban by offering contracts that could, for example, guarantee just one hour of work. The consultation is asking for views Read more…